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Saturday, October 03, 2009

Savings Account offered by some of the banks in Singapore

I just made a quick product comparison on some of the savings account offered by banks operating in Singapore. I exclude all 3 local banks, namely DBS Bank, UOB and OCBC, since their notorious pathetic 0.125% interest rates are not worth for comparison.

State Bank of India

Savings Special Account
  • Interest Rates
    0.50% p.a. for deposits less than S$1,000.
    0.55% p.a. for deposits of more than or equal to S$1,000.

  • Minimum initial deposit
    S$100.

  • Minimum monthly balance for no penalty
    S$300, otherwise S$1 penal charge applies.

  • Withdrawal at all local ATM5 network
Maybank

iSAVvy Savings Account
  • Interest Rates
    0.25% p.a. for deposits less than S$5,000.
    0.50% p.a. for deposits of more than or equal to S$5,000 but less than S$50,000.
    Interest-on-interest of 6.00% every 6 months for average monthly balances of at least S$5,000.

  • Minimum initial deposit
    S$10.

  • Minimum monthly balance for no penalty
    S$500, otherwise S$2 penal charge applies.

  • Withdrawal at all local ATM5 network
Standard Chartered Bank

e$aver Savings Account
  • Interest Rates
    0.40% p.a. for deposits less than S$50,000.
    0.50% p.a. for deposits of more than or equal to S$50,000 but less than S$200,000.
    0.68% p.a. for deposits more than or equal to S$200,000.

  • No minimum initial deposit

  • No minimum balance
    Note: If account is in S$0 balance for 5 consecutive months, it will be closed automatically.

  • No ATM card
CIMB

Note that CIMB only has a full banking licence here, but not a qualifying full bank licence (QFB).

StarSaver Account
  • Interest Rates
    Minimum deposit of S$5,000 to earn interest.
    Month-end incremental deposit of less than S$500 guarantees 0.5% p.a of interest.
    Month-end incremental deposit of more than S$500 guarantees 1.2% p.a of interest.

  • Minimum initial deposit
    S$5,000.

  • No minimum balance

  • Withdrawal ONLY at own CIMB ATMs

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